Introduction: The International Financial Services Centers Authority (IFSCA) is reaching out to the public for feedback on potential amendments or additions to the IFSCA (Banking) Regulations, 2020. This move aligns with the regulatory body’s commitment to inclusivity and transparency in the financial sector.
Detailed Analysis: Background: IFSCA, established as the unified regulator for financial development and regulation within International Financial Service Centers (IFSC), issued the IFSCA (Banking) Regulations, 2020 on November 20, 2020. Subsequent to its release, there have been four amendments, indicating the dynamic nature of the financial landscape.
Regulatory Review: In accordance with IFSCA (Procedure for making regulations) Regulations, 2021, a mandatory review of all regulations is scheduled three years from the date of notification. This includes the IFSCA (Banking) Regulations, 2020. The public is invited to contribute their insights on suggested modifications or changes to enhance the effectiveness of these regulations.
Submission Process: The Consolidated IFSCA(Banking) Regulations (As amended up to 14th July 2023) are available on the IFSCA website. Interested parties are encouraged to provide their comments and suggestions by December 12, 2023. Submissions should be sent via email in the specified format to Mr. Supriyo Bhattacharjee at [email protected] and Mr. T P Samuel Wesly at [email protected].
Format for Comments: The provided format includes fields for Name, Designation, Contact No., Organization, Page No. of Consolidated Banking Regulations, Regulation No., Sub-Regulation No./Para No., and Comments/Suggestions/Suggested Modifications along with Rationale. This structured approach ensures clarity and facilitates a comprehensive review process.
Conclusion: Participation from the public and stakeholders is crucial in shaping a regulatory framework that caters to the evolving needs of the financial sector. IFSCA’s initiative to gather public comments underscores the commitment to a collaborative and inclusive regulatory environment. Interested individuals and organizations are encouraged to contribute their perspectives to contribute to the robustness of the IFSCA (Banking) Regulations, 2020. The deadline for submissions is December 12, 2023, marking a significant opportunity for stakeholders to actively engage in the regulatory process.
Public Comments on IFSCA (Banking) Regulations
November 21, 2023
Objective:
1. The objective of this notice is to seek comments/views/suggestions from the public on any amendments or additions to the International Financial Services Authority (Banking) Regulations, 2020 (as amended) (“the regulations”).
Background:
2. The International Financial Services Centers Authority (IFSCA) is the unified regulator for the development and regulation of financial products, financial services and financial institutions in the International Financial Service Centers (IFSC). IFSCA in exercise of powers under section 13 and (2) of column 3 of the first schedule of the IFSCA Act, 2019 had issued IFSCA (Banking) Regulations, 2020 on November 20, 2020.
3. Subsequent to the issuance of IFSCA (Banking) Regulations, 2020, there have been four amendments to the same. .
4. As per IFSCA (Procedure for making regulations) Regulations, 2021, all regulations issued by IFSCA are required to be reviewed three years from the date of its notification. As part of this process, IFSCA seeks comments from the public on any suggested modifications/changes to the said regulations.
5. The IFSCA (Banking) Regulations, 2020 (As amended up to 14th July 2023) are placed on the website of the IFSCA at International Financial Services Centers Authority (ifsca.gov.in) under the title “Consolidated IFSCA(Banking) Regulations”. General public and stakeholders are requested to forward their comments/suggestions through e-mail to Mr. Supriyo Bhattacharjee at [email protected] and Mr. T P Samuel Wesly at [email protected] on or before December 12, 2023 in the attached format. The comments may be provided in MS Word or MS Excel format only.
Format for providing comments / suggestions
| Name, Designation of the Person | ||||
| Contact No. | ||||
| Name of Organisation | ||||
| Page No of Consolid ated Banking Regulatio ns | Regulati on No. | Sub- Regulatio n No/Para No. | Comments/Suggestio ns/Suggested Modifications | Rationale |
